The city of Scottsburg was among 12 Hoosier communities to share in $31 million in low-interest loans for housing infrastructure by the State of Indiana
The Indiana Finance Authority (IFA) unveiled the recipients of the loans from the second round of the Residential Infrastructure Fund (RIF). 12 Indiana communities were approved to receive over $31 million in loans to finance infrastructure projects that support residential housing development.
Scottsburg will use the $1.875 low interest loan for infrastructure at the new Maple Run Estates, a 307 lot single family home development planned for construction by DC Develop on the south edge of Scottsburg at Lovers Lane and Vienna Road (south Main Street).
Communities were selected based on the need for additional housing inventory to accommodate local job growth.
In 2023, the Indiana General Assembly established the RIF and revolving fund, with a $75 million allocation in the state budget over the biennium. In the first round of the program, 11 Indiana communities were approved to receive $51 million in loans.
The IFA prioritizes loan applications from communities with housing-friendly zoning and silos 70% of the funding for those with a population of less than 50,000.
“This second round of funding will help increase housing supply in growing communities that need it,” said Rick Wajda, Indiana Builders Association’s CEO. ”By addressing the housing shortage, more families will have access to affordable homes, which will support sustainable community growth.”